Shares of steel manufacturer Sunflag Iron & Steel have surged 73 per cent so far April. On Tuesday, in an otherwise weak equity market, the steel producer’s stocks rose nearly 8 per cent.
Upon seeing such a sharp rally in prices, the stock exchanges have sought clarification from the company.
In reply, Sunflag said the company has been in compliance with all the SEBI rules and has made all the necessary disclosures before the stock exchanges as per the provisions of the listing regulations.
Further, it said that there is no information or announcement, which may have a bearing on the share price or the trade volume, yet to be disclosed to the exchanges.
“The increase in the share price/volume of the company is purely due to market conditions and (is) absolutely market-driven,” it said in a regulatory filing to the exchanges on Tuesday.